Nairobi-based recycler and recycled plastic supplier Mr. Green Africa, has secured undisclosed funding from DOB Equity and Global Innovation Fund in partnership with Unilever.
While DOB is a Dutch family-backed impact investor based in East Africa, the Global Innovation fund in partnership with Unilever invests in social innovations that tend to improve the lives and opportunities of millions of people in the developing world.
Mr. Green Africa will leverage the funds to grow its reach and also build the model that allows it to expand the trade of recyclables, as they aim to build a reliable supplier network. The fund will also give the startup an edge to scale its processing capacity, to produce quality recycled products. This process will enable them to supply the products in large quantities to consumer goods companies.
According to Keiran Smith, Co-Founder, and CEO of Mr. Green Africa, the company believes that they are in the right step and that the funding from DOB Equity and Global Innovation Fund will help them maximize the opportunity in achieving their aim.
See also: Kenya-based Startup, Lynk Secures Series A funding
Mr. Green Africa’s move to scale its services was born out of the need to reduce the number of waste plastics that litter the streets. The company earlier partnered Unilever to help promote 100% reusable, recyclable and compostable packaging. They aim to achieve this by 2025 and currently about 10% is being recycled.
Brigit van Dijk – van de Reijt, CEO of DOB Equity said DOB Equity aims to support companies that focus on waste reduction and recycling. According to him, Mr. Green Africa is their second investment in the sector, as they already invested in Zanrec, a waste management company in Zanzibar, Tanzania.
About 2,400 tons of waste is produced daily in Nairobi. Up to 60% of this waste is collected about 10% of it recycled. The remaining waste is however discarded illegally or burned. Mr. Green’s waste management process has however provided about 70 direct jobs and opportunities for up to 1700 waste collectors.
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